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After the success of the company's first two months, Santana Rey continues to operate Business Solutions. The November 30, 2021, unadjusted trlal balance of Business
After the success of the company's first two months, Santana Rey continues to operate Business Solutions. The November 30, 2021, unadjusted trlal balance of Business Solutions (reflecting its transactions for October and November of 2021) follows. Business Solutions had the following transactions and events in December 2021. December 2 Paid \$1, 925 cash to Hillside Mall for Business Solutions's share of mall advertising costs. December 3 Paid $5e cash for minor repairs to the company's computer. December 4 Received $3,950 cash from Alex's Engineering Company for the receivable from November. December 10 Paid cash to Lyn Addie for six days of work at the rate of $125 per day. December 14 Notified by Alex's Engineering Company that Business Solutions's bid of $7, 000 on a proposed project has been accepted. Alex's paid a $1,5e0 cash advance to Business Solutions. December 15 Purchased $1,109 of computer supplies on credit from Harris office Products. December 16 Sent a reminder to Gomez Company to pay the fee for services recorded on November 8 . December 20 completed a project for Liu corporation and received $5,625 cash. December 22-26 Took the week off for the holidays. December 28 Received $3,e cash from Gomez Company on its receivable. December 29 Reimbursed S. Rey for business automobile mileage (660 miles at \$6.32 per mile). December 31 Paid $1,500 cash for dividends. company's first three months. a. The December 31 inventory count of computer supplies shows $580 still avallable. b. Three months have expired since the 12 -month Insurance premlum was pald in advance. c. As of December 31, Lyn Addle has not been pald for four days of work at $125 per day. d. The computer system, acquired on October 1, Is expected to have a four-year life with no salvage value. e. The office equipment, acquired on October 1 , is expected to have a five-year life with no salvage value. f. Three of the four months' prepald rent have explred. Required: 1. Prepare journal entries to record each of the December transactions. Post those entrles to the accounts in the ledger. 2-a. Prepare adjusting entries to reflect a through f. 2-b. Post the journal entries to record each of the December transactions, adjusting entries to the accounts in the ledger. 3. Prepare an adjusted trial balance as of December 31, 2021. 4. Prepare an Income statement for the three months ended December 31, 2021. 5. Prepare a statement of retained earnings for the three months ended December 31, 2021. 6. Prepare a classified balance sheet as of December 31, 2021. 7. Record the necessary closing entries as of December 31, 2021. 8. Prepare a post-closing trlal balance as of December 31, 2021. Complete this question by entering your answers in the tabs below. Prepare adjusting entries to reflect a through f. Note: If no entry is required for a transaction or event, select "No journal entry required" in the first account field. Journal entry worksheet 23456 The December 31 inventory count of computer supplies shows $580 still available. Note: Enter debits before credits. Post the journal entries to record each of the December transactions, adjusting entries to the accounts in the ledger. Drenare an adiuated trial halanre ae nf Deremher 31.2021 . Prepare an income statement for the three months ended December 31,2021 . 7. Record the necessary closing entrles as of December 31, 2021. 8. Prepare a post-closing trial balance as of December 31, 2021. Complete this question by entering your answers in the tabs below. Prepare a statement of retained earnings for the three months ended December 31,2021 Complete this question by entering your answers in the tabs below. Record the necessary closing entries as of December 31,2021 . Journal entry worksheet Record the entry to close the revenue account(s). Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Prepare a post-closing trial balance as of December 31,2021
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